Article: Carlos Ghosn Escape Accomplices Plead Guilty in Tokyo Court

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Carlos Ghosn Escape Accomplices Plead Guilty in Tokyo Court

River Davis, Tsuyoshi Inajima, and Sophie Jackman, 14 June 2021

The American father-son duo charged with helping former Nissan Motor Co. Chairman Carlos Ghosn flee trial in Japan a year and a half ago pleaded guilty in a Tokyo court Monday.

Appearing for the first time since they were extradited to Japan from the U.S. earlier this year, Michael Taylor, 60, and Peter Taylor, 28, listened as the prosecutor read out the charges. Asked by the judge whether there was anything wrong with the charges, Michael replied “No, your Honor” while Peter said “No, ma’am.” Continue reading “Article: Carlos Ghosn Escape Accomplices Plead Guilty in Tokyo Court”

Article: Chinese Trolls Show That Information Can’t Be Stopped, Nor Should It Be

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Chinese Trolls Show That Information Can’t Be Stopped, Nor Should It Be

Emilio Iasiello, 14 June 2021

Beijing has been engaged in a battle for public opinion for several years, aggressively promoting a positive vision of China to counter criticisms for its involvement in human rights violations, intellectual property theft, currency manipulation, its engagement with Taiwan and the South China Sea disputes, and its suspected involvement in the COVID-19 outbreak. In 2017, senior Party leaders acknowledged that “the main battlefield for public opinion” occurs on the extensive borderless Internet where people receive their news, express their thoughts, and promote and argue their political and ideological viewpoints. Beijing understands how the Internet is essential in disseminating China-friendly narratives, while at the same time deflecting criticisms and reassigning blame. In essence, it is how Beijing seeks to preserve its image while tarnishing those of others. Continue reading “Article: Chinese Trolls Show That Information Can’t Be Stopped, Nor Should It Be”

Article: ERCOT Calls On Texans To Conserve Power Amid High Summer Demand, Forced Outages

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ERCOT Calls On Texans To Conserve Power Amid High Summer Demand, Forced Outages

Mose Buchele, 14 June 2021

The Electric Reliability Council of Texas has asked people to conserve energy throughout the week as the supply of electricity on the Texas grid runs the risk of falling short of demand.

Texans should reduce their electricity use through Friday, ERCOT said.

It is the second time the state’s grid operator has made such a request since devastating blackouts gripped Texas in February. Continue reading “Article: ERCOT Calls On Texans To Conserve Power Amid High Summer Demand, Forced Outages”

Article: Indian-Origin Husband Of Ex-Amazon Employee Jailed For Securities Fraud In US

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Indian-Origin Husband Of Ex-Amazon Employee Jailed For Securities Fraud In US

Press Trust of India, 14 June 2021

Washington: The Indian-origin husband of a former Amazon employee has been sentenced to 26 months in prison by a US court for securities fraud and illegally making a profit of USD 1.4 million by using inside trading information from his wife.

Viky Bohra, 37, from Bothell, Washington state, pleaded guilty in November 2020, admitting that between 2016 and 2018, he used Amazon inside information he obtained from his wife, an Amazon finance employee, to place trades in Amazon stock-making a profit of $1.4 million, acting US Attorney Tessa M Gorman said. Continue reading “Article: Indian-Origin Husband Of Ex-Amazon Employee Jailed For Securities Fraud In US”

Article: China Resident Indicted For Laundering Millions Of Fraud Proceeds Through Big Island Properties

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China Resident Indicted For Laundering Millions Of Fraud Proceeds Through Big Island Properties

Department of Justice, 14 June 2021

HONOLULU – A federal grand jury returned an indictment on June 10, 2021, charging Yao Zhungjun, 50, of Beijing, China, a former project manager at J.R. Simplot Company, an entity operating out of China, which had acquired the Jacklin Seed Company, a producer and marketer of grass seed and turfgrass based in Liberty Lake, Washington, with conspiracy to commit money laundering as part of multiple schemes to defraud Simplot, and route the proceeds through real estate developments in Hawaii.

Judith A. Philips, Acting U.S. Attorney for the District of Hawaii, said that according to the indictment, Yao solicited grass seed orders at artificially inflated prices from Chinese customers and then negotiated kickback payments from those customers in exchange for rebate payments from Simplot. Christopher Claypool, Jacklin’s general manager, approved and Yao collected millions of dollars in kickbacks from just one Chinese grass seed distributor, Beijing Oasis, on more than $10 million in rebates Simplot paid to Beijing Oasis. Continue reading “Article: China Resident Indicted For Laundering Millions Of Fraud Proceeds Through Big Island Properties”

Article: United States: Biden: The Fight Against Foreign And Transnational Corruption Is A National Security Interest

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United States: Biden: The Fight Against Foreign And Transnational Corruption Is A National Security Interest

Wilmer Hale, 14 June 2021

On June 3, 2021, President Biden issued a National Security Memorandum establishing the fight against corruption both at home and abroad as a core United States national security interest and directing the development of a 200-day interagency review designed to culminate in a report and recommendations on how the United States government and its partners can better combat corruption, enhance transparency in the global financial system and promote good governance. When combined with the anti-money laundering (AML) legislation that entered into force with the January 2021 bipartisan passage of the National Defense Authorization Act for Fiscal Year 2021 (NDAA)1- the most significant reforms to US AML laws since the 2001 adoption of the USA PATRIOT Act-and a review of sanctions policy conducted by the Treasury Department, the Memorandum may lead to a heightened focus on illicit financial activity and corruption and may ultimately result in additional resources being allocated to anti-corruption and AML enforcement.

A. Overview of the Memorandum
Defining the need to “counter[] corruption” as a “core United States national security interest,” President Biden advances a multifaceted policy initiative that rests on three key pillars: promoting good governance, ensuring transparency in global financial systems, and combating and preventing corruption. We can expect more detail on President Biden’s anti-corruption strategy with the publication of the Interagency Report after 200 days. President Biden’s focus on promoting good governance, increasing transparency and reducing impunity centers on the following themes: Continue reading “Article: United States: Biden: The Fight Against Foreign And Transnational Corruption Is A National Security Interest”

Article: Alleged Accomplices in Ghosn Escape Set to Appear in Tokyo Court

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Alleged Accomplices in Ghosn Escape Set to Appear in Tokyo Court

River Davis, 14 June 2021

Two Americans charged with helping former Nissan Motor Co. Chairman Carlos Ghosn flee trial in Japan a year-and-a-half ago are now set to appear at their own hearing at the Tokyo District Court on Monday.

Michael Taylor, 60, and Peter Taylor, 28, have been charged with helping Ghosn illegally escape Japan in December 2019, where he was facing charges of financial misconduct. The former executive, who has denied prosecutors’ accusations of understating income and using company funds for personal use, was smuggled out of Japan in a case for audio equipment and ended up in Beirut, where he currently resides. Continue reading “Article: Alleged Accomplices in Ghosn Escape Set to Appear in Tokyo Court”

Article: Bitcoin anonymity is just a big myth – and using it to launder dirty money is stupid, a crypto ATM chief says

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Bitcoin anonymity is just a big myth – and using it to launder dirty money is stupid, a crypto ATM chief says

Shalini Nagarajan, 13 June 2021

Many people think bitcoin transactions can be anonymous or untraceable, but they’re misunderstanding how the process works, Ben Weiss, CEO of crypto ATM operator CoinFlip, said at a webinar on digital assets this week.

“It’s not anonymous. It’s pseudo-anonymous. You can’t buy any large amount of bitcoin without KYC or ID or driver’s licenses,” he said, referring to “know your customer” and similar identification checks. Continue reading “Article: Bitcoin anonymity is just a big myth – and using it to launder dirty money is stupid, a crypto ATM chief says”

Article: South Korea Changes Course and Begins Investigating CBDCs

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South Korea Changes Course and Begins Investigating CBDCs

John Anlyt, 13 June 2021

The central bank of South Korea (BOK) announced this week the launch of a second specialist team to supposedly develop a digital currency central bank (CBDC) a year after dissolving their first group of researchers.

The entity said it will rededicate itself to studying everything related to the creation and implementation of a CBDC, and the formation of the new research group appears to be a direct response to China’s plans to issue a digital yuan.

The announcement surprised the crypto ecosystem as it signifies a turnaround in South Korea . A little less than a year ago, the BOK stated that there was almost no possibility of a CBDC in the country, which is why the cryptocurrency and digital currency research task force was dissolved .

The beginning of 2020, with China’s firm decision to launch its own CBDC, caused the BOK to change its stance on the issue and claim that it is now ” in the process of investigating ” the possible issuance of its digital currency.

The BOK clarified that its team of researchers will be small, with an initial appointment of eight members specialized in areas as varied as IT, human resources, economics and management.

Popular exchange LocalBitcoins has been suspending user accounts in some countries in Africa, the Middle East and Asia without notice . As reported by Forbes these weeks, some users can no longer withdraw their bitcoins from the platform, who only communicated that it is due to a “process of improvements.”

The exchange made no further public comment on the matter. The first complaints began to be noticed last week , when LocalBitcoins users in countries such as Afghanistan, Iraq, Nigeria, Syria and Pakistan expressed that they could not withdraw their Bitcoins without deleting their accounts.

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Article: VIX: ‘Love Gauge’ More Than ‘Fear Gauge’

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VIX: ‘Love Gauge’ More Than ‘Fear Gauge’

Reel Ken, 13 June 2021

Most investors are unfamiliar with the workings of the S&P VIX Index (VIX), traditionally called the “fear gauge.” Not just the “inner workings” such as how it is calculated, but, the outward characteristics it displays. They perceive the VIX simply as a metric that might help them prepare for market movements. But those that try to make sense of it as a metric aren’t even so sure about that.

These investors dismiss the VIX as an investment mostly because they haven’t taken the time to look it over more closely. Continue reading “Article: VIX: ‘Love Gauge’ More Than ‘Fear Gauge’”

Article: Catching Rides on Meme-Mafia Trades May Boil Down to Models

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Catching Rides on Meme-Mafia Trades May Boil Down to Models

Lu Wang, 13 June 2021

Staring at a meme stock craze that shows few signs of abating, Wall Street is still wrestling with how to trade it.

Many traders scroll through Reddit blogs that cheer on day traders to suss out the next big thing. Others obsessively track Stocktwits citations. There are even firms hiring WallStreetBets veterans to get inside the heads of the people who call themselves apes with diamond hands. Continue reading “Article: Catching Rides on Meme-Mafia Trades May Boil Down to Models”

Article: Musk Denies Bitcoin ‘Pump And Dump’—And Says Tesla Will Resume Transactions Once This Mining Goal Is Reached

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Musk Denies Bitcoin ‘Pump And Dump’—And Says Tesla Will Resume Transactions Once This Mining Goal Is Reached

Jonathan Ponciano, 13 June 2021

As the cryptocurrency market’s weeks-long rout continues, Tesla’s billionaire CEO Elon Musk took to Twitter Sunday afternoon to refute claims that he engaged in a bitcoin pump-and-dump scheme earlier this year and said the electric-vehicle company would once again invest in the world’s largest cryptocurrency once its mining operations constitute a “reasonable” amount of clean energy usage. Continue reading “Article: Musk Denies Bitcoin ‘Pump And Dump’—And Says Tesla Will Resume Transactions Once This Mining Goal Is Reached”

Article: Corporate Welfare Props Up the Billionaire Class

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Corporate Welfare Props Up the Billionaire Class

GRACE BLAKELEY, 13 June 2021

Last year, during the peak of the global pandemic, the world created more than seven hundred new billionaires. In the year since, another five hundred have been created — but the total wealth on the Forbes list has increased from $5 trillion to $13 trillion, the largest increase ever recorded in any one-year period. China topped the list for the highest number of new billionaires, with the United States coming in second.

Meanwhile, global GDP shrank by 3.3 percent in 2020 and unemployment rates are around 1.5 percentage points higher than they were before the pandemic in most economies. This doesn’t simply raise moral questions about the distribution of wealth during a pandemic — it requires us to ask exactly how those at the top are doing so well while demand in the global economy is so subdued. Continue reading “Article: Corporate Welfare Props Up the Billionaire Class”

Article: Are Oil Prices Headed toward $100 a Barrel?

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Are Oil Prices Headed toward $100 a Barrel?

nasdaq, 12 June 2021

On June 1, 2021, Jeremy Schwartz, Global Head of Research a
t WisdomTree and regular host of the Behind the Markets podcast, was joined by Mobeen Tahir, Associate Director of Research at WisdomTree, to host Erik Gilje, professor of finance at the University of Pennsylvania’s Wharton School of Business. The topic was oil, and the focus was on Erik’s bullish view on the commodity stemming from structural supply issues in the U.S. amid an improving demand outlook.

Professor Gilje outlined that over the last decade, almost all new supply of oil has come from North America—i.e., either Canada or the U.S.—while the Organization of the Petroleum Exporting Countries and its partners (OPEC+) have lost market share. The group was forced by the COVID-19 pandemic to reduce 9.7 million barrels of supply in what can be characterized as a dramatic and unprecedented policy coordination. Continue reading “Article: Are Oil Prices Headed toward $100 a Barrel?”

Article: VW data leak in North America – over 3.3 million customers affected

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VW data leak in North America – over 3.3 million customers affected

MRT, 12 June 2021

New trouble for Volkswagen in North America: Due to a breakdown at a business partner, the data of more than 3.3 million people was unsecured on the Internet for over a year. According to current knowledge, VW is assuming that customers and prospective buyers of the Audi subsidiary will be affected, a company spokesman said on Friday. Previously, the US blog TechCrunch reported on the data leak and published a letter to customers and a corresponding letter from a lawyer.

U.S. social security and bank account numbers Continue reading “Article: VW data leak in North America – over 3.3 million customers affected”

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